Do you dream about having a safe place to vacation where you can truly feel like you’re home away from home? Do you wish there were a way to make an extra income that doesn’t add more hours of work to your day? Does the idea of investing your money in something tangible, like land, calm your heart rate a little easier than the idea of stock traders pushing around your invisible money? If you answered yes to any of these questions, vacation rental investment might be just the solution you’ve been looking for!
Our Top 5 Reasons for Investing in Vacation Rental Properties
1) What could be better than investing in your vacation and making money on it? With the ability to use your vacation rental when you want to, you can choose exactly when you want to vacation and then choose to rent the remaining days out. This dual-purpose investment is great for the bank account as well as the relaxation you crave when traveling somewhere (now you know for sure that the bed is comfortable and the coffee brews just the way you like it).
2) Vacation rentals are booming right now. With the promise of additional features you can’t find in a hotel (think full-size kitchen, private patios, quiet locations), vacation rentals can charge a higher nightly rate. They also offer flexible timelines that guests love, whether they’re looking to be snowbirds in the winter for an extended stay, need an easy last-minute stay for the night, or a family that wants to have an extended Disney vacation. Because of this, vacancies tend to be lower in a vacation rental than a traditional short stay lodging facility.
3) Investing in vacation rental properties can afford you a plethora of tax advantages. While the mortgage write-offs alone are a great perk, there’s more! The IRS distinguishes between an investment property and a vacation home. Basically, if you rent your vacation home more than 14 days a year, it’s considered a business that comes with all the benefits of writing off deductions for costs such as maintenance and repair, marketing, and property management fees. Of course, do your own due diligence to confirm what is currently allowed before you invest.
4) Not only will you make a nightly rate for your vacation rental investment, but real estate value is always rising. This is an investment that pays in the short-term and long-term!
5) Opportunity awaits. Today this is an investment, but tomorrow who knows? While you may only be able to enjoy this home a few weeks out of the year right now, it could be a place to spend more and more time as your career takes a back burner to living your best life. Imagine, you can retire in a home that holds happy memories throughout your life that is already paid off. What could be better than that?
When guests are looking for a place to visit, they’re basically drawn to everything they don’t have at their own home. Rest assured you’re already at an advantage because the stack of bills and piles of unfolded laundry aren’t present at your vacation rental. You’re winning! But nonetheless, there are some specific vacation rental amenities that guests veer towards that you might want to consider making a priority when it comes to marketing your vacation rental.
An Instagram-Worthy Kitchen
Although guests don’t typically cook much when on vacation, we all know that a kitchen is the heart of the home and is definitely where people gather. In fact, many of our guests prefer a vacation rental to a hotel because there’s a kitchen, so let’s make it worthy. Lucky for you, updating a kitchen doesn’t have to break the bank. You can have fun here by simply painting the cabinets a bold color and adding fancy knobs. You want your guests to look at it and think, “I want to hang out here.” And then of course there are some splurges that are always worth the cost, like a top-notch coffee maker and fancy glasses for cocktail hour.
Traveling can be stressful, yet the whole point of a vacation is to relax. There are some simple measures you can take to ease the minds of your guests. To start, install smart locks. Guests will love having the option for an easy check-in, whether they arrive late and don’t want the hassle of getting the key, or simply prefer a contactless check-in experience.
Comfort Goes a Long Way
There are some features that guests love no matter where they find themselves. A fireplace may seem out of place in a summer beach home but trust us: Guests love the option of cozying up under a soft blanket when the sun goes down, especially after a long day of adventuring at amusement parks or playing in the ocean. Having access to a hot tub is another great option for how to make your vacation rental stand out. But even if these things aren’t possible, every rental should have an oversized TV with high-speed streaming capabilities.
Maximize Your Strengths
Every rental has different strengths when it comes to vacation rental amenities, but whatever they are, maximize them. If you’ve got a nice outdoor space, find a way to make it inviting with twinkly lights and beautiful perennials (steer clear of seasonal botanicals and opt instead for green shrubbery that will stay vibrant every season). Aim for low-maintenance pavers (not grass) so that your space looks fresh and clean with minimal effort. Showcase destinations that are close your rental, such as attractions, coffee shops, and ocean views.
Whatever your property looks like, Magnolia Villas can help you maximize its value. Contact us today to learn more!